AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Gold prices edged up on Monday as fighting in Ukraine buoyed demand for the safe-haven asset, although strength in US bond yields restricted bullion’s gains.

Spot gold was up 0.3% at $1,926.46 per ounce by 1110 GMT. US gold futures were down 0.2% at $1,925.90.

“We are treading water. The risk is more to the downside than to the upside at the moment, we will have to wait and see,” said Michael Hewson, chief market analyst at CMC Markets UK.

However, Hewson added, there is support for gold prices around last week’s lows of near $1,890, which could help gold move towards $1,940-$1,950.

Equities slipped as fighting in Ukraine raged on with no sign of a ceasefire even as diplomatic efforts continued.

Gold prices slightly up

However, the benchmark US 10-year yield was up at around 2.180%, increasing the opportunity cost of holding non-interest bearing gold.

Last week, gold prices lost more than 3%, their biggest weekly percentage drop since mid-June as optimism over the Russia-Ukraine peace talks and a US interest rate hike announcement dented demand for the safe-haven metal.

“Gold now looks to have seen its bullish surge fade for the time being,” Rupert Rowling, market analyst, Kinesis Money said in a note.

Gold is seeing pressure from Russia-Ukraine talks slowing the rush to safe-havens, and as interest rate hikes by the US Federal Reserve and the Bank of England confirm the hawkish trajectory central banks globally are adopting to tackle inflation, the note said.

Among other precious metals, spot silver was up 0.3% at $25.03 per ounce, platinum rose 0.8% to $1,030.00. Palladium gained 1.1% at $2,519.29.

Comments

Comments are closed.